{"id":53353,"date":"2019-10-22T17:41:15","date_gmt":"2019-10-22T12:11:15","guid":{"rendered":"https:\/\/blogadmin.forumias.com\/?page_id=53353"},"modified":"2019-10-22T17:41:21","modified_gmt":"2019-10-22T12:11:21","slug":"answered-what-are-the-key-areas-of-reform-if-the-wto-has-to-survive-in-the-present-context-of-trade-war-especially-keeping-in-mind-the-interest-of-india","status":"publish","type":"page","link":"https:\/\/forumias.com\/blog\/answered-what-are-the-key-areas-of-reform-if-the-wto-has-to-survive-in-the-present-context-of-trade-war-especially-keeping-in-mind-the-interest-of-india\/","title":{"rendered":"[Answered] What are the key areas of reform if the WTO has to survive in the present context of \u2018Trade War\u2019, especially keeping in mind the interest of India?"},"content":{"rendered":"\n
Demand of the question<\/strong>
Introduction. <\/strong>Contextual Introduction.
Body. <\/strong>Current issues and required reforms.
Conclusion. <\/strong>Way forward. <\/td><\/tr><\/tbody><\/table>\n\n\n\n

World Trade Organization (WTO) officially commenced in 1995 after replacing the General Agreement on Tariffs and Trade (GATT). It was intended to supervise and liberalise international trade. But recent trade wars, initiated by USA with China, India and other countries, evoke the need of reform in WTO if it has to survive in the present context. <\/p>\n\n\n\n

Current issues:<\/strong><\/p>\n\n\n\n

  1. There are clear signals that the current trading\nsystem represented by the WTO has lost its utility for the US and the EU.<\/li>
  2. The US and the EU have not been able to counter\nChina\u2019s tariff manipulation. They are also bound by the commitments made under\nthe WTO rules so they cannot raise import duties without violating WTO rules.\nBut they do not want to meet the WTO obligations such as reducing agriculture\nsubsidies.<\/li>
  3. Their game plan is to put the old obligations on\nthe back-burner and push the WTO to form rules on e-commerce, an area where the\nUS firms have a clear edge.<\/li>
  4. Most WTO member countries want them to first\ndeliver on the agreed issues like reduction in agriculture subsidies. <\/li><\/ol>\n\n\n\n

    The key areas of reforms are:<\/strong><\/p>\n\n\n\n

    1. There is urgent need of reforms regarding\nbringing transparency, shortening of time frames, permanent panel body, special\nand differential treatment for developing countries etc. India can benefit from\nthe reforms if proposals specific to developing countries are accepted.<\/li>
    2. Though WTO has come out with Trade Facilitation\nAgreement (TFA) in this regard, but it mainly addresses the trade of goods.\nIndia being a major service provider would benefit if reforms are carried out\nin trade facilitation of services. It is expected that there are considerable\neconomic benefits from the better movement of people across borders.<\/li>
    3. The establishment of procedures and practices\nthat are more inclusive of the majority of WTO Members, notably developing\ncountries is needed.<\/li>
    4. Adoption of \u201cpeace clauses\u201d for developing\ncountry implementation of current agreements. This will formalise the\ncommitments made by major trading powers to allowing \u201cgrace periods\u201d and to\nexercising \u201cdue restraint\u201d.<\/li>
    5. The Uruguay Round\u2019s single package approach is\nnot working in the Doha Round and new types of negotiation modes have been\nadvocated.<\/li>
    6. Dispute settlement mechanism must be\nstrengthened and made faster.<\/li>
    7. Separation of political and human rights issues\nfrom trade disputes under SPS norms is needed.<\/li><\/ol>\n\n\n\n

      The WTO is at a crossroads. Not only are the multilateral trade negotiations stuck, but overall rule-making has made little progress while alternative trade pacts, not least the mega-regional arrangements, have clearly challenged the position of trade multilateralism.<\/p>\n\n\n\n

      The impasse of the Doha Round is not so much a result of transatlantic disagreement as a situation in which highly industrialised countries and large developing countries disagree over the type of market access and protection of vulnerable sectors of the economy.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Demand of the question Introduction. Contextual Introduction. Body. Current issues and required reforms. Conclusion. Way forward. World Trade Organization (WTO) officially commenced in 1995 after replacing the General Agreement on Tariffs and Trade (GATT). It was intended to supervise and liberalise international trade. But recent trade wars, initiated by USA with China, India and other… Continue reading [Answered] What are the key areas of reform if the WTO has to survive in the present context of \u2018Trade War\u2019, especially keeping in mind the interest of India?<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":49132,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-53353","page","type-page","status-publish","has-post-thumbnail","hentry","entry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/53353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=53353"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/53353\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media\/49132"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=53353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}